Nuveen LLC Makes New Investment in OFG Bancorp $OFG

Key Points

• Nuveen LLC acquired a stake in OFG Bancorp during Q1, purchasing over 1.1 million shares valued at approximately $44.7 million, which accounts for about 2.46% of the company's total shares.
• Analysts have mixed views on OFG Bancorp; while Hovde Group lowered its target price to $50.00 with an "outperform" rating, Wells Fargo raised their target to $48.00 and maintained an "equal weight" rating.
• The company recently announced a quarterly dividend of $0.30 per share, equating to an annualized dividend of $1.20, reflecting a dividend yield of 2.8%.

Nuveen LLC acquired a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,118,157 shares of the bank's stock, valued at approximately $44,749,000. Nuveen LLC owned 2.46% of OFG Bancorp as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in OFG. Point72 Asset Management L.P. bought a new position in OFG Bancorp during the 4th quarter valued at $172,000. Bridgefront Capital LLC bought a new position in OFG Bancorp during the 4th quarter valued at $221,000. Bank of Montreal Can boosted its stake in OFG Bancorp by 9.0% during the 4th quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after acquiring an additional 438 shares during the last quarter. Oxford Asset Management LLP bought a new position in OFG Bancorp during the 4th quarter valued at $225,000. Finally, Caxton Associates LP bought a new position in OFG Bancorp during the 4th quarter valued at $225,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Trading Down 0.3%

Shares of OFG traded down $0.1160 during midday trading on Thursday, hitting $42.8440. The stock had a trading volume of 11,227 shares, compared to its average volume of 327,657. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The business has a 50-day simple moving average of $43.09 and a two-hundred day simple moving average of $41.28. The firm has a market cap of $1.91 billion, a P/E ratio of 10.08 and a beta of 0.77. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.34.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.10. The business had revenue of $182.20 million during the quarter, compared to analyst estimates of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.08 earnings per share. As a group, equities analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. OFG Bancorp's dividend payout ratio (DPR) is presently 28.30%.

Analyst Ratings Changes

A number of brokerages have weighed in on OFG. Hovde Group dropped their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Wall Street Zen raised shares of OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Finally, Piper Sandler dropped their price objective on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.